U.S. SCPIs: How They Work, Returns, and Alternatives for Investing in the United States
The U.S. real estate market remains the deepest in the world and has long attracted French-speaking investors seeking geographic diversification and sectoral decorrelation. In 2026, the global macroeconomic environment—shaped by the Federal Reserve’s successive policy shifts and the relative strength of the U.S. dollar against the euro—is prompting many investors to look beyond the borders of the eurozone. To gain exposure to this asset class across the Atlantic, specialized real estate investment trusts (REITs) often emerge as the first collective investment option considered.
What does the term “SCPI USA” actually mean? What are the technical realities regarding its returns and international tax treatment, and what practical alternatives are available to savvy investors? This guide details how it works, its performance metrics, the risks involved, and other ways to access the U.S. real estate market, including real estate investment in the United States.
What is a U.S. SCPI, and how does it work?
A U.S. SCPI is a collective investment vehicle governed by French law, managed by a management company authorized bythe Autorité des marchés financiers (AMF), whose asset allocation strategy consists of investing the capital raised from investors in real estate assets located primarily or exclusively in the United States.
High-Yield SCPIs, European SCPIs, U.S. SCPIs: The Differences
To assess the role of a U.S.-based SCPI within an investment portfolio, it must be compared to other real estate investment vehicles.
A traditional income-generating SCPI invests primarily in France (offices, retail, logistics, and healthcare). It is subject to French property income taxes, which are often burdensome for taxpayers with a high marginal tax rate (TMI).
European or international SCPIs have expanded their scope to include the eurozone and the rest of Europe (Germany, Spain, the Nordic countries). They benefit from bilateral tax treaties that reduce the overall tax burden on investors by offsetting French social security contributions on foreign-source income.
The 100% U.S.-based SCPI is taking another step forward by expanding across the Atlantic. This decision introduces new factors: a separate reference currency (the U.S. dollar), real estate cycles that are uncorrelated with European trends, an Anglo-Saxon legal framework, and exposure to currency risk.
Operational Mechanics
The process is based on a simple chain. French investors subscribe in euros and acquire shares. The management company converts the capital, selects the assets, negotiates leases (particularly Triple Net Lease commercial leases, where the tenant assumes virtually all expenses, property taxes, and insurance), collects rent in dollars, converts the currency, and distributes potential dividends in euros, net of fees. AMF approval ensures the transparency of information and the validation of the Key Information Document (KID), though it does not constitute a guarantee of capital or the stated returns.
Why the market for 100% U.S. SCPI funds remains very narrow
Despite the long history of the U.S. market, the range of SCPIs focused exclusively on the United States remains very limited in 2026. This situation can be attributed to operational, legal, and regulatory barriers.
Managing a commercial real estate portfolio remotely requires local asset management teams capable of navigating the specific regulations of each U.S. state. Real estate and tax laws vary significantly between New York, Texas, and Florida. Obtaining the regulatory approvals needed to structure transatlantic cash flows while complying with the AMF’s annual valuation requirements remains a technical challenge that few asset management firms have chosen to tackle.
Key takeaway: A U.S. SCPI provides indirect access to U.S. real estate through shares in a French collective investment vehicle. In 2026, this market remains highly concentrated, with limited supply and specific constraints related to the U.S. dollar, taxation, and the management of U.S. assets.
Corum USA, the first SCPI to invest in the United States
The high-yield SCPI segment targeting the U.S. market is currently represented almost exclusively by a single investment vehicle. Launched in late 2024 by Corum Asset Management, a subsidiary of the Corum L’Épargne group (which also manages Corum Origin and other long-standing investment vehicles), the Corum USA SCPI has positioned itself as the first French SCPI to base the vast majority of its acquisition strategy on the U.S. market, under the leadership of its executives, including Philippe Cervesi.
Investment Strategy and Target Areas
Corum USA’s articles of incorporation and disclosure documents set a minimum allocation target of 90% of capital raised in the U.S. real estate market. The sector diversification strategy focuses on commercial real estate in the broad sense: offices, retail spaces, and hotel properties.
The investment management firm’s first documented acquisitions targeted major economic hubs, such as New York State and the Manhattan area. The team also focuses its analysis on areas with positive demographic trends—often associated with the Sun Belt (Texas, Florida)—while seeking corporate tenants capable of committing to long-term leases.
Distribution Rate, Occupancy Rate, Internal Rate of Return
To analyze this vehicle's performance, one must rely strictly on the official figures published in quarterly reports and regulatory documents.
For its 2025 fiscal year, Corum USA reported a distribution yield of 7.70%, net of management fees but gross of taxes. This result is attributable to the fund’s initial build-up phase, during which the capital raised was deployed into market opportunities offering high initial returns. The Key Information Document states a target Internal Rate of Return (IRR) of 4.50% over a 10-year holding period, which is not guaranteed. The reported financial occupancy rate stands at 100%, reflecting zero rental vacancies across the few assets then in the portfolio.
Past performance is not indicative of future results.
Subscription, share price, entry fee
Access to U.S. commercial real estate through this solution has been designed to suit individual investors. The price per share is set at 200 euros. New investors can purchase as few as one share, allowing for fractional ownership. The investment vehicle also allows for scheduled payments or the automatic reinvestment of potential dividends, facilitating gradual capital accumulation.
Illustrative example: With 50,000 euros, an investor could purchase 250 shares. If the annual distribution were 5%, that would amount to 2,500 euros gross before taxes. At 7%, this would amount to 3,500 euros gross. This example does not constitute a personalized projection. Actual income received will depend on the effective distribution rate, fees, exchange rates, applicable taxes, and changes in the share price.
Key takeaway: Corum USA is the top result for the search query “scpi corum usa.” Its projected 2025 yield of 7.70% is above the market average, but should be viewed as past performance observed during the launch phase, with no guarantee for future years.
Tax Treatment of a U.S. SCPI for a French Investor
The tax treatment of a U.S. SCPI is one of the arguments often cited. However, this issue should be approached with caution. Income from real estate located in the United States falls under the scope of the Franco-American tax treaty, which is designed to prevent double taxation.
How is income from a U.S. SCPI taxed?
Income generated from the operation of real estate assets located in the United States is classified as foreign-source real estate income. Under the terms of the Franco-American tax treaty, this income is generally taxable first in the United States, in accordance with federal (IRS) and state and local tax rules. The SCPI’s management company generally pays this withholding tax on behalf of the investors.
When filing taxes in France, French tax residents must report this foreign-source income on Forms 2047 and 2042. The tax filing assistance documents provided annually by the management company compile the necessary information.
The Tax Credit Mechanism and the France-U.S. Agreement
To avoid economic double taxation, the treaty provides for the application of the tax credit method. Foreign income is included in the tax base in France to determine the effective overall tax rate applicable to the household’s other income, which may affect the marginal tax bracket. The investor then receives a tax credit, generally equal to the French tax corresponding to the proportion of that foreign income.
One of the notable effects of this treatment is that U.S.-sourced real estate income is, to date, not subject to French social security contributions at the current rate of 17.2% (CSG/CRDS). We must avoid oversimplifying the issue. The actual impact of this mechanism depends on each taxpayer’s specific tax situation, their marginal tax rate (TMI), the composition of their other income, and the applicable reporting requirements.
Taxation is described here based on the current law as of 2026. It is essential to seek personalized tax advice from a specialized attorney or financial advisor before making any investment allocation decisions.
Key point: As of now, SCPIs that invest in the United States are exempt from the 17.2% social security contributions on foreign real estate income. However, tax is still levied in the United States, and the actual impact of the tax credit in France depends on the individual circumstances of each tax household.
Expected Returns and Performance of a U.S. SCPI
Evaluating the performance of a 100% U.S.-based SCPI requires comparing its stated objectives with benchmark data for the real estate market and collective real estate investment trusts.
Stated Return Targets and Quarterly Reports
The documents to read first are the DIC, the prospectus, and the quarterly reports. They provide insight into acquisitions, occupancy rates, distributions, expenses, capitalization, and management comments. The higher initial yields observed in U.S. commercial real estate (particularly in certain types of suburban retail properties or second-tier office parks) allow managers to set gross distribution targets above European averages. However, these targets include local operating costs, transatlantic administrative expenses, and any costs associated with currency hedging, all of which impact the net yield distributed to investors.
Comparative Analysis of the SCPI Market
To put this performance into perspective, it is helpful to examine the data compiled bythe French Association of Real Estate Investment Companies (ASPIM) andthe Institute for Real Estate and Land Savings (IEIF).
The average distribution yield for all SCPIs on the market stood at 4.91% for fiscal year 2025, compared with 7.70% for Corum USA. This difference, while significant, should be interpreted with caution. As the U.S. fund is in its initial capitalization phase, its return reflects the rapid deployment of the first few million euros raised into a small number of targeted opportunities. It does not predict the consistency of performance over an 8-, 10-, or 15-year horizon, during which the fund will face lease renewal cycles and potential periods of vacancy.
How to Interpret the Performance of a 100% U.S.-Based SCPI
Investors must take into account a technical factor specific to this asset class: the impact of the euro/dollar exchange rate. Rents and property values are denominated in dollars. Accounting and distributions are conducted in euros. An appreciation of the dollar against the euro automatically boosts the performance as perceived by the French investor. Conversely, a depreciation of the dollar reduces the amount of converted rent and may lead to a decline in the distribution rate and the appraised value of the share, regardless of the intrinsic quality of the properties.
The performance of a U.S. SCPI should therefore be analyzed on three levels: real estate performance of the assets, rental performance and occupancy rates, and euro/dollar exchange rate performance.
Key takeaway: The 2025 return on a U.S. SCPI shows a positive spread compared to the market average (7.70% versus 4.91%, according to ASPIM/IEIF data). This gross performance comes with direct exposure to dollar/euro currency risk, which can amplify or diminish long-term results.
Risks and Limitations of U.S. SCPIs
Investing in an SCPI that invests in the United States involves specific considerations and risks. All investors must review these points by reading the Key Information Document approved by the AMF.
Currency risk, market risk, management risk
Currency risk is structural. The fund does not systematically engage in full hedging, a costly strategy that would erode returns. Investors are therefore exposed to daily fluctuations in the EUR/USD exchange rate, which affect both income streams and the liquidation value of the shares.
The risks associated with the U.S. real estate market must also be taken seriously. The U.S. commercial real estate market is highly volatile and cyclical. Price corrections in the segment of outdated office buildings or in urban centers affected by the structural shift toward remote work have been faster and, in some cases, more pronounced there than in Europe. The risk of rental vacancies or downward lease renegotiations is very real.
Concentration and management risk are also significant. Since the range of 100% U.S.-based SCPIs is extremely limited, investors are effectively exposed to concentration risk with respect to a single management company and the investment decisions made by its asset management team.
Liquidity, Fees, and Investment Horizon
An SCPI is a long-term investment, a characteristic that is even more pronounced when it involves a distant market. The recommended holding period is generally 10 years. This timeframe is dictated by the presence of significant subscription and acquisition fees—which are included in the share price—that require several years of operations to be recouped.
The liquidity of shares is never guaranteed by the AMF or by the management company. It depends on the balance between redemption requests and new subscriptions. If redemptions are suspended, investors may be temporarily or for an extended period unable to recover their capital.The AMF regularly reminds investors that SCPIs involve a risk of capital loss, an unguaranteed return, and limited liquidity.
Key takeaway: The AMF regulatory framework provides a transparent information environment, but does not eliminate the risks inherent in international real estate investment trusts: capital loss, unhedged foreign exchange risk, illiquidity of shares, and fluctuating dividends.
Beyond U.S. SCPIs: Other Ways to Invest in U.S. Real Estate
The SCPI USA offers a collective, centralized, and regulated investment solution designed to generate long-term passive income. However, other investment structures and asset classes cater to distinct wealth management objectives for gaining exposure to the U.S. real estate market.
REITs, Listed Real Estate ETFs, and U.S. SCPIs: Three Very Different Investment Options
Real Estate Investment Trusts (REITs) are the U.S. equivalents of French listed real estate investment companies. Accessible through a standard securities account, they offer daily market liquidity and allow investors to target highly specific sectors: data centers, automated logistics warehouses, telecommunications infrastructure, and assisted living facilities.
This high liquidity entails direct exposure to equity market volatility. REIT prices react instantly to announcements from the Federal Reserve, creating daily fluctuations that bear no immediate relation to the intrinsic value of the physical properties held. Real estate ETFs diversify this risk across a basket of several dozen REITs, while retaining their stock market characteristics. In contrast, the SCPI USA is an unlisted product whose share price is decoupled from daily market volatility, at the cost of limited liquidity.
Direct Real Estate Investment in the United States Through an LLC
A distinct alternative is to shift away from income-generating rental real estate and focus on another asset class: raw land—that is, land with strong development potential. It is in this particular segment that real estate investment in the United States is concentrated.
Specialized operators, including Landquire, structure direct acquisitions of parcels located in areas of population growth, particularly in Texas and Florida. The Landquire offering is not a real estate investment trust (SCPI). It is not an alternative investment fund. It is not marketed as a regulated collective investment product. The model is based on the direct acquisition of real estate assets through a dedicated legal entity under U.S. law—a Limited Liability Company (LLC)—in which the investor holds an ownership interest. This approach is intended for sophisticated investors only.
The economic strategy revolves around the land entitlement process: identifying a parcel of land in a high-growth area, acquiring it off-market through the LLC, completing the urban planning phase (amending regulations, providing utilities), and then reselling it to a U.S. residential or commercial developer. The target timeframe is 24 to 36 months.
The comparative characteristics of this model are structurally different from those of an SCPI. There is no rental management, since the underlying asset is land. There are no regular rental distributions. The investment cycle is shorter, typically ranging from 24 to 36 months. The investment is completely illiquid during the term of the investment. The objective is to realize a potential capital gain upon exit, subject to execution risks related to the local market, administrative approvals, and resale conditions.
Landquire documents its track record on its completed projects. The summary video below presents this history of its activities.
The data presented in this institutional overview (completed transactions, capital raised, capital history) provide a factual account of the operator’s track record. These past results were achieved under specific macroeconomic conditions and are not indicative of the future performance of current or future projects. This type of direct investment structure via an LLC carries a risk of capital loss and total illiquidity for the duration of the project, and is intended exclusively for sophisticated investors.
To analyze the details of past transactions without focusing on isolated examples of profitability, see the completed real estate projects and the Landquire team page.
Key Takeaway: SCPI USA, REITs, and direct real estate investments represent three distinct approaches to the U.S. real estate market. While SCPI offers a framework for long-term, passive, and collective returns, the direct real estate model via an LLC is geared toward savvy investors seeking opportunistic exposure over a short cycle, without a rental component.
SCPI USA or Direct Investment in the United States: How to Choose?
The decision between a collective real estate investment fund and a structured direct acquisition should be based on the investor’s profile, financial capacity, and tolerance for various risks.
Admission and Accessibility
Affordability is the key strength of the SCPI USA. With a share price of 200 euros, it allows any investor to gradually build an international real estate portfolio. In contrast, direct investment or co-investment in a real estate project LLC requires significantly greater capital. These opportunities, often managed off-market, involve high minimum investment amounts, which limit such transactions to high-net-worth individuals, family offices, or sophisticated investors.
Time Horizon, Liquidity, and Target Return
The time horizon is a key differentiating factor. SCPIs are designed for long-term holding (at least 8 to 10 years) to recoup their upfront costs and smooth out real estate cycles. Liquidity is managed by the fund but remains dependent on fundraising trends. The direct real estate investment model operates over a shorter time horizon (24 to 36 months on average) but requires complete illiquidity during the investment period. The targeted return is focused exclusively on capital gains upon resale, which are not guaranteed.
Summary Comparison Table
| Criteria | SCPI USA (formerly Corum USA) | Direct real estate investment through an LLC (e.g., Landquire) | U.S. Real Estate REIT / ETF |
|---|---|---|---|
| Legal Status | Regulated collective investment product | Structured direct acquisition through an LLC | Shares of Listed Real Estate Companies |
| Underlying | Commercial Rental Real Estate (offices, retail spaces) | Land, land entitlement | Listed Sector-Specific Real Estate Portfolios |
| Estimated admission price | Low (starting at €200) | High (experienced investors) | Low (price per share) |
| Liquidity | Limited; depends on fundraising | Very limited during the operation | Forte, daily quote |
| Horizon | Long term; 10 years recommended | Target cycle: 24 to 36 months | Flexible |
| Nature of the flows | Potential Dividend Distribution | Potential capital gain upon resale | Dividends and Price Changes |
| Evaluation | No listed price, appraised value | No price listed; depends on the order execution | Daily Stock Market Volatility |
| Management | Fully delegated to the management company | Managed by the operator, excluding rental management | Representative for the Real Estate Teams |
| Taxation | Foreign Real Estate Income, Tax Credit | Related to structure and operations | Securities |
The final decision is not about pitting these solutions against one another, but about understanding the specific role each plays in an overall asset allocation. A saver in the capital-building phase will prioritize the accessibility of SCPIs or the liquidity of REITs. A qualified investor may incorporate a direct real estate component via an LLC to boost the growth of their portfolio over short cycles, uncorrelated with the stock markets and traditional office real estate.
For more information, you can check out our guide to real estate investing in the United States, our analysis of the U.S. real estate market, our feature on investing in the U.S. in 2025, and our current real estate opportunities.
Key takeaway: A U.S. SCPI is neither inherently better nor worse than a direct investment. It serves a different purpose. The choice depends on your investment profile, time horizon, and risk tolerance.
FAQ: U.S. SCPI
What is a U.S. SCPI, and how does it actually work?
A U.S. SCPI is a real estate investment trust (SCPI) governed by French law that invests its partners’ capital in the U.S. real estate market. Investors purchase shares in the collective investment vehicle and, in return, receive a share of the rent collected in dollars, which is converted into euros and distributed by the management company after operating expenses have been deducted.
What is the expected return on a U.S. SCPI in 2026?
For fiscal year 2025, Corum USA reported a gross distribution rate of 7.70%. Its 10-year IRR target is set at 4.50% in its DIC. These are targets and historical performance figures that are not guaranteed for the future. The 2026 results should be monitored in the official quarterly reports.
Are there any other 100% U.S.-based SCPIs besides Corum USA?
In 2026, the market for French SCPIs that are 100% invested in the United States remains very narrow. Corum USA remains the only major fund exclusively focused on this geographic region, with a target allocation of over 90%.
What is the tax treatment of an SCPI that invests in the United States for a French tax resident?
Income is subject to U.S. tax, which is paid directly by the SCPI. In France, under the bilateral tax treaty, French residents must report this foreign income and are entitled to a tax credit designed to prevent double taxation. As of now, this foreign real estate income is not subject to the 17.2% French social security contributions. The exact impact depends on the marginal tax rate and requires a personalized assessment.
What are the main risks associated with a U.S. SCPI?
The major risks include loss of principal, no guarantee of returns, structural dollar/euro currency risk, the risk of a downturn in the U.S. commercial real estate market, entry and management fees, and liquidity risk upon the resale of shares.
What is the minimum investment required to invest in a U.S. SCPI?
For Corum USA, the current unit price is 200 euros, with a minimum subscription of a single unit for new investors, making this investment technically very accessible.
Is it better to invest in U.S. SCPIs or directly in real estate in the United States?
There is no one-size-fits-all answer. The SCPI USA is suitable for investors seeking delegated management, a low minimum investment, and long-term supplemental income. Direct investment in real estate via an LLC is suitable for experienced investors with larger capital who are looking for shorter investment cycles (24 to 36 months) and no rental-related issues, in exchange for complete illiquidity during the investment period.
Can you buy a U.S. SCPI on credit?
In 2026, accessing bank mortgages in France to finance shares in SCPIs whose physical assets are located outside the European Union remains very complex. French financial institutions often refuse such arrangements because they are unable to take out security interests in properties governed by U.S. law.
Is it a good investment to put 50,000 euros into a U.S. SCPI?
With a unit price of 200 euros, 50,000 euros would theoretically allow you to purchase 250 units. If the fund achieves a distribution rate of 6%, this would generate a theoretical gross income of 3,000 euros per year, optimized for social security contributions as of today. Actual returns will depend on changes in tax laws, euro/dollar exchange rate fluctuations, and the appraised value of the shares upon resale.
What alternatives are there to the Corum USA SCPI for gaining exposure to the U.S. market?
Alternatives include U.S. REITs, real estate ETFs for liquid index-based investing, real estate crowdfunding, real estate club deals, and the direct real estate investment model via an LLC dedicated to land appreciation.
Publication Information
Author: Thibaut Guéant, co-founder of Landquire. Licensed real estate agent in Florida with over 12 years of experience in the U.S. real estate market. Has helped structure and manage approximately $73 million in real estate and land assets. Honored by Challenges magazine in 2024.
Last revised: June 23, 2026.
To learn more about the team, visit the U.S. Real Estate Investment Team page and the Real Estate Investment FAQ.
Are you looking to gain exposure to the U.S. real estate market through means other than an SCPI?
Landquire is a French company that assists French-speaking investors in acquiring and developing land in the United States (Texas, Florida, etc.) over a short cycle of 24 to 36 months, without rental management.
- 100% Managed Investment
- Short-term program (24 to 36 months)
- Documented track record on completed projects
- Off-market, for experienced investors only
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